نشریه جستارهای اقتصادی ایران
پیاپی 36 (پاییز و زمستان 1400)

The stock price index is the overall result of capital market activity in the real sector of the economy; but its sharp decrease or increase, unrelated to production, is due to speculative performance. The purpose of this article is to investigate the impact of banks' commercialization, including commercial, specialized, privatized and private, on the stock price index. Estimates have been made using a data panel model during the period 1392 to 1398. Banks' behavior has been examined using the variables of deposit surplus, banks' debt to the central bank and non-current facilities. The results show that the speculative performance of non-governmental banks on the stock market index is much higher than state-owned banks. Regarding the effect of model variables, the elasticity of the stock price index to surplus deposits in privatized banks ranked first, in private banks ranked second, commercial banks ranked third and specialized banks ranked last. The elasticity of the stock index to the debt of banks to the central bank was significant only for the debt of private banks, and the elasticity of the index in other banking groups to the central bank was not significant. The elasticity of the stock index to non-current facilities in specialized banks was ranked first. The amount of this elasticity in private, privatized and commercial banks was almost equal.

The concept and theory of equilibrium in conventional economics is one of the central points in economic theory. The relationship between the concept of equilibrium and the coordination of economic individuals' behavior is a key point in understanding the equilibrium theory i.e., in the market system, to achieve collective interest without the direct intervention of governments. In many works on Islamic economics, monetary and real equilibrium in different markets have been extracted without mentioning the basis of this concept. In fact, it has been viewed with a value perspective. After a brief overview of the concept of equilibrium in conventional economics, this article goes on to concisely discuss equilibrium application in works on Islamic economics. The main idea of the article is that if people's interaction with each other and the theory of government intervention in Islamic economics is not clarified, speaking of equilibrium in the conventional sense is a kind of misplaced assumption. In some works, such as  Iqtisaduna "Our Economy"a book by Muhammad Baqir al-Sadr, one can find important distances with an equilibrium perspective. An alternative approach can be seen due to the presentation of a different picture of government intervention and people participation in the economy. The present paper dealt with this important issue by reviewing and comparing texts.

Capital adequacy ratio is a key indicator in analyzing the situation of the bank, according to which it can be understood to what extent the bank's assets are invested in a suitable portfolio and in terms of risk and capital use in various assets. Among the factors that strengthen the capital adequacy ratio is the issuance of sukuk, which has received more attention, especially after Basel III (the third Basel Accord). For this purpose, the data of 15 selected banks and credit financial institutions accepted in the Tehran Stock Exchange during the period 2014-2020 has been used. Data analysis was performed using panel data method. Findings showed that the development of the Sukuk market has had a positive and significant effect on the capital adequacy ratio of banks, which means that with the increase in the development of the Sukuk market, banks have the opportunity to invest in high quality Sukuk. This reduces the share of risk-weighted assets (denominators of capital adequacy ratio) and thus the presence of a developed sukuk market helps banks to finance their operations at a very low cost and in a timely manner. In turn, will lead to strengthening the capital adequacy ratio of banks.

The targeting of contemporary societies to achieve maximum economic growth Has had two serious consequences on the individual and social spiritual body of human beings. These include abandoning the spiritual dimension as well as trying to deviate, personalize, and use spirituality as a tool for economic purposes. Meanwhile, Islamic spirituality, with its principled, rooted and Sharia-oriented nature, is comprehensive in such a way that adherence to its principles not only does not block the path of economic progress, but also leads to revision of goals and better progress. In this research, using grounded theory, the relationship between Islamic spirituality and economic progress and the quality of their influence on each other have been investigated. The results show how the components of Islamic spirituality relate and affect the process of economic development in three foci: causal, intervening and contextual conditions. Therefore, it is necessary to first prepare the necessary platforms for the occurrence of the phenomenon by the background conditions, and in the next stage, by creating the conditions and using the intervention conditions correctly, the components of the strategy should be provided and completed. The total of positive spiritual elements presents the comprehensive strategy of “the lifestyle of the believers” to achieve economic progress in the path of excellence, growth and all-round happiness of man and expresses specific theoretical and administrative orders; On the other hand, by following the path of “secular life” and focusing on economic growth, the negative spiritual elements create dangerous consequences for mankind.

One of the most important challenges for policies concerning economic freedom is its inequalities effects. Mnay researches have examined the various channels and mechanisms in order to find the components of economic freedom which influences the distribution of income. Previous  studies on the relation between economic freedom and income inequality have produced varied results. The paper examines this relationship for two groups of countries based on high (18 country) and low (16 country) degrees of economic freedom. Using panel date during 2004-2018 with quintile regression, results showed that in both groups with different levels of economic freedom, increasing economic freedom at low and middle levels of income inequality, had improved income inequality, but increasing economic freedom in high levels of income inequality did not show any meaningful effect on income inequality. The implication of this research findings for Iran economy showed that when Gini index is lower than 41.4%, increasing economic freedom improves income inequality, while it is meaningless when Gini index is between 41.4 – 48.4%.

A fundamental question in examining the monetary system is "who should have the right to create money?" The response provided by the conventional monetary system (fractional reserve system), is to distribute this right between the central bank and commercial banks. But this "historical response", is a "Public Choice", not necessarily based on efficiency or equity. In recent decades, eminent economists such as Simmons, Fisher, Friedman and Tobin have criticized fractional reserve system from different points of view and have recommended a reform toward full reserve banking. Among Muslim economists, Monzer Kahf, Mohsin Khan, Mirakhor, Dallali and Al-Jarhi have such a view. In the present paper, using documentary research method, the theoretical basis of the full reserve banking and the views of its most famous supporters are examined. Then, the most important criticisms regarding the fractional reserve banking are described from two points of view: efficiency and justice. In terms of efficiency, the main critique of the fractional reserve system are: the aggravation of monetary shocks and escalation of macroeconomic fluctuations, increasing the risk of bank-run, the need for increased government interventions and complex regulations, inefficient allocation of resources as a result of information asymmetry, and the continuous increase of public and private debt. On the other hand, in terms of justice, the main critique of the fractional reserve system are: granting the power to decide about the most important near-public good to private-motivated enterprises, institutionalizing usury (interest) in contracts, violating distributive justice (bankers' monopolistic profitmaking vs. loading banking system losses on the general public), and the transfer of assets ownership without complying with legitimate property rights.

The purpose of this study is to investigate the impact of macroeconomic variables and Sukuk "Sharia Compliant bonds" on the profitability of banks. Two definitions have been used for profit. First: the ratio of bank's profit to its total assets. Second: the ratio of net operational income of the bank to its total deposits. The time range of the research is the period of 2012 to  2019 and the research sample includes 16 banks listed on the Tehran Stock Exchange. Data analysis and hypothesis testing were performed using multivariate regression model and hybrid data. The results showed that GDP growth as well as inflation have a positive and significant effect on both profitability indices, but the growth of exchange rate and total Sukuk traded in the capital market has a negative and significant effect on both profitability indices. Operating leverage has a negative and significant effect, and the size of banks has a positive and significant effect on both profitability indices.

One of fundamental objectives of Economy of Resistance is to pioneer a knowledge-based regional economy and aiming at achieving top rank among the region countries. Technology changes has been accelerated from the middle part of the 20th century and structural changes have taken place in the market economies and the world is transforming from industrial economy to knowledge-based economy with making revolutionary wealth. By developing knowledge economy and information and communication technology, ICT have played an important and key role in transition towards knowledge-based economy and has an evolutionary trend as from 1970 to 2000 that were the decades of the information economy, e- economy, network & internet economy and digital economy, respectively. following the evolutionary trend, the intelligence economy as a new paradigm shift in the literature of development has prevailed since the middle of the first decade of 20th century. The main porpuse of this article is the modelling of intelligence economy in Iran by using Grounded Theory. For this reason, by using the results of the interviews and the three phases of grounded theory (open- axial-selective coding), the summary of key findings of intelligence economy is modeled upon indicators as identification & assessment of the current situation, requirements, strategies & policies for growth and development, identification of opportunities, development of sectoral applications & desirable situation for achieving of intelligence economy.

The formation of macroeconomic theory in the framework of conventional economics is mainly due to the analysis and determination of economic behavior of individuals who work under the realm of a school of thought and capitalism. Intellectual foundations and structures governing the capitalist economy such as the type of ownership, the type of governance and the source of the formation of behaviors had been the origion of the emergence of special institutions such as the bank and the capital market. Consequently, a new theory of macroeconomics has arrived. In other words, macroeconomic theories are in the position of resolving the crisis and the problem of the West and are rooted in the foundations, structures and institutions of the capitalist system. The question of this research paper is: can these theories work efficiently and successfully for the Iranian economy and solve its problems? In order to answer this question with an empirical-comparative method, the theories that have been formed according to the prevailing atmosphere in the capitalist system are examined, then the structures, situation and institutions governing the Iranian economy are scrutinized. It is concluded that according to the theories emerged in the sphere of capitalism and the institutions and structures formed within the framework of western economy and the behaviors created whatsoever, substantially differs from that of Iran's economy and can not be utilised, whether in policy making or even the analysis of Iran's economic conditions.

In the current fractional reserve banking system, the two functions of portfolio management and payment services are incorporated simultaneously. The portfolio management refers to the bank''s function in absorbing and allocating funds. The function of payment services also refers to the use of bank debt in settlement of transactions, which is required for the existence of money-creation power by banks. The current banking system has created problems such as instability, banking crises, discrimination in income distribution, undermining democracy and sustainable development, and so on. The problem of this research is to identify the optimal alternative model from the perspective of Islamic economy. The method of answering is through review, description and analysis of the material and drawing conclusions in that field. The results of this study show that in Islamic banking, the two functions of portfolio management and payment services have to be separated.  Lastly, the advantages of this proposed system, in addition to solving the problems of the current fractional reserve system, are the cases of greater compatibility of this banking system with the macro goals of the Islamic economic system and the nature of Islamic banking, and removing the suspicion of usury.

The tax system as a subset of the economic system serves the purposes that the economic system pursues. On the one hand, the goals of each system are based on the assumptions and values of each school, and therefore the fundamental function of tax systems cannot be more discrete than the underlying issues. The tax system of the Islamic Republic of Iran has witnessed changes in tax structures in recent years. A better understanding of the nature of the Islamic tax system and its functions may help to formulate and shape a more Islamic tax system. This paper examines the functions of a favorable Islamic tax system in comparison with the functions of the conventional economic tax system, using the content analysis approach, and therefore proposes some considerations for value added tax. This article uses the content analysis method of the functions of the favorable Islamic tax system in comparison with the functions of the tax system of the conventional economy and then, based on it, points about substituting the tawazon criterion in Islamic economic justice, tax principles, tax rates and bases, and share of taxes in government revenue sources. According to the Islamic policymaker, who considers justice as the basis of organizing society, taxes are also a tool for this purpose, and taxes that are compatible with achieving economic balance are considered appropriate. The balance criterion is considered in all the initial, process and final stages and the increase of tax revenues is followed by using justice-oriented methods and tax revenues can never be increased at the expense of justice. Also because in the economic system. Islam has part of the resources of wealth production (Anfal) at the disposal of the government.

The financing of technological projects in the  can be used to accelerate the growth, attract capital or supply liquidity to knowledge-based companies. The cooperative financing model in the framework of usury-free banking with the support of the real sector of the economy and the correct implementation of bank contracts play a key role in achieving Islamic banking system. The aim of the research is to identify the factors influencing investment in the technological projects of the incubation phase and to design the model of cooperative financing of the projects in order to create a risk distribution mechanism, attract people's participation, and support the knowledge-based economy. This is a development-applied research and the way of data collection is survey type. To collect data, a researcher-made questionnaire distributed among the experts of the risky investment system and the managers of the banking system was used. Factors affecting investment were identified in two sectors, including internal to the organization such as entrepreneurial team, product characteristics and technological company, and external to the organization such as technological business ecosystem and macroeconomic factors. The method of The Partial Least Squares regression (PLS) with the help of Smart Pialas software showed that the investment stages of technological projects have a medium and high impact on investment. Then, the proposed financing model was presented by using cooperative contracts according to the operational model and playing the role of bank intermediary in the usury-free banking system.